Baird Investment Banking Pitch Book

AMGP MARKET AND VALUATION DATA PRICE PERFORMANCE SINCE 01/01/18 20% 15% 10% 5% 0% (5%) (10%) (15%) (20%) AM Sailing Stone ! 13-D: 01/29/18 ! AMZ 2018 KEY EVENTS 01/18/18 Antero hosts Analyst Day 01/29/18 Sailing Stone Files 13-D 02/13/18 02/26/18 AMGP (25%) 01/01/18 01/22/18 02/12/18 03/05/18 03/26/18 04/17/18 (5%) (7%) (13%) Antero Family reports 4Q and full year 2017 results Announced formation of Special Committees Source: S&P Capital 10, Bloomberg and Wall Street Research as of April 17, 2018. (1) Defined as Distributable Cash Flow, per Wall Street consensus estimates, divided by Equity Market Cap. (2) Represents management forecasted cash distributions to AMGP equity holders. AMGP MARKET AND VALUATION METRICS (in millions, except per unit data) Unit Price Equity Market Cap. Enterprise Value Current Yield 2018E DCF Yield 2019E DCF Yield EV/2018E Cash Flow EV/ 2019E Cash Flow Net Debt/2018E EBITDA 2018E DCF / Current Dist. 2018E Cash Flow (2) 2019E Cash Flow (2) Confidential Distribution CAGR 2018A-2020E 2018E-2021E Pre-Sailing Stone 13-D 01/26/18 $22.02 $4,100 $4,100 1.4% 2.4% 3.9% 40.9x 24.8x NM 1.00x $100 $165 57.8% 48.0% BAIRD Current 04/17/18 $17.15 $3,193 $3,193 1.7% 3.2% 5.3% 31.9x 19.3x NM 1.00x $100 $165 57.8% 48.0% Project Bronco | Page 17

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